The Eurasian Development Bank (EDB) has released a new report, The Eurasian Region and Partner Countries in Asia: Analysis of Investment Flows.
The report focuses on mutual investments between 13 countries of the Eurasian region (Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Moldova, Mongolia, Russia, Tajikistan, Turkmenistan, Ukraine, and Uzbekistan) and partner countries in Asia (Afghanistan, Vietnam, India, Indonesia, Iran, China, Türkiye, and the Gulf states – Bahrain, Qatar, Kuwait, the UAE, Oman, and Saudi Arabia).
According to the report, the total stock of mutual investments between these 13 Eurasian countries and countries in Asia has doubled over the past ten years and reached $176 billion.
By mid-2025, total FDI stock attracted to the Eurasian region from Asian countries reached $119.8 billion, a 20% increase compared to 2023.
The main investors were companies from China ($66.1 billion, or 55% of the total), the Gulf states ($23.9 billion, or 20%), Türkiye ($12.3 billion, or 15.5%), and India ($6.8 billion, or 5.7%).
China remains the largest investor in the Eurasian region, while the Gulf states have played a pivotal role in driving investment growth in recent years. They made the largest contribution to investment growth over the past year and a half. Of the total increase in investment from Asian countries of $20 billion, the Gulf states accounted for about $9 billion, or 45%.
Among the Gulf states, companies from the UAE were the leading investors, with a portfolio of $16.1 billion (68%) by mid-2025, followed by investments from Saudi Arabia ($4.2 billion), Qatar ($2.4 billion), and Oman ($1.1 billion).
Almost 96% of all Gulf investment in the Eurasian region is concentrated in Central Asian countries.
Central Asia is a particularly attractive destination for Asian investors. Cumulative investment from Asian countries into Central Asian economies between 2016 and the first half of 2025 more than doubled, from $29.9 billion to $68 billion. By mid-2025, Central Asia accounted for up to 57% of the total accumulated direct investment attracted from Asian countries. The bulk of this investment (92%) was concentrated in Uzbekistan ($22.6 billion), Turkmenistan ($20.6 billion), and Kazakhstan ($19.3 billion).
Uzbekistan has recorded the fastest pace of investment inflows, increasing its FDI stock from Asian countries more than 45-fold compared to 2016. In the 2024–2025 financial year alone, investment doubled from $11 billion to $22.6 billion. Uzbekistan accounted for approximately 62% of total investment growth in Central Asia, reflecting improvements in the investment climate, industrial modernization, and energy transformation.
The report notes a significant change of the investment landscape in the Eurasian region over the past decade, with the share of the power sector rising sharply from 2% to 17%. The power sector accounted for more than half of new capital inflows in 2024–2025 ($10.1 billion out of $19.8 billion). The Gulf states and China are the most active investors in the power sector, including renewable energy, with investments from the Gulf states totaling approximately $5 billion.
